Fundamental bias: Bearish
1. Safe-haven status and overall risk outlook
As a safe-haven currency, the market's risk outlook is the primary driver of JPY. Economic data rarely proves market moving; and although monetary policy expectations can prove highly market-moving in the short-term, safe-haven flows are typically the more dominant factor, especially in...
There's potential upcoming negative news in UK in the coming days, N Ireland & COVID & delay of 21st June. The factors may have already been factored in causing the Friday's sell off, however it may get worse on Monday. If reversal does not happen, I expect the rejection at support to be confirmed. Since is high risk reward, I decided to give it a try. If it...
Overall, GBP/JPY is trending upwards.
Bank of England Governor Bailey will be speaking later at 2100 (GMT+8). During this time, there may be volatility in GBP.
Currently, GBP/JPY is testing the resistance zone of 155.000 and the next support zone is at 153.000.
Look for selling opportunities of GBP/JPY if it bounces off the resistance zone of 155.000.
The market opened with a gap down, which is what was expecting considering how the market closed last week.. this further validates that the market will manipulate highs and then go mitigate the demand level before Selling to my last tp of 151.639
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THE MARKET ON 4H DOES NOT LOOK CLEAR AT THE MOMENT WITH 2 POSSIBILITIES.
ONE CAN BE MORE UPSIDE AND THEN SHARP FALL AND 2ND SCENARIO IS TO MOVE DOWN IN A CHOPPY STRUCTURE.
iT WILL DEPEND ON HOW THE GBP NEWS TODAY AND TOMORROW AFTER BAILEY'S SPEECH PLAY OUT FROM MARKET MAKERS.
ONLY INTENTED FOR EDUCATIONAL PUPROSES.
USDCHF recently bounced off a double bottom area. We are now looking for buying opportunities such as bull flags and break and retests.
In early 2021, we had the perfect price action that took us up over 600pips. We are now looking for similar price action to take us back up!
Watch lower timeframe for bull flags.
Goodluck and trade safe!
GBP/JPY couldn't break the descending trendline resistance and currently,
price is on it's way to the 154 level.
Sellers who sold at the resistance, can continue to hold their sells and target
the 154 level as initial TP.
Fresh sells can also be executed if price reaches the 155 level once again.
I've had a lot of fun with this pair in the past on the way down, and since we bounced March 2020 on the bottom, we've had a strong uptrend from Sterling against the Yen. A pin bar has formed on the daily chart, so a stop just below it or at 50% of the pin if you wish to be more conservative, with our first target up at 2018 high, before moving onto some...
The market is exhausted from the whole bull cycle it had for more than a year and we can clearly see a weekly divergence on RSI indication a potential correction to come to the downside.
The most probable area the price will potentially drop to is the area between 148 and 150 to retest.
This is only for educational purposes only.
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